Sunday, September 19, 2021

Pakistan to get technology stock IPO after seven years - SAMAA - SAMAA

Last updated Tuesday, September 7, 2021 13:04 ET , Source: TopWireNews

Octopus Digital is all set to get listed on the Pakistan Stock Exchange (PSX).
The tech firm is looking to raise a minimum Rs793million by offering 27.4 million shares at a minimum price of Rs29 per share in the Initial Public Offering (IPO).
It is a wholly-owned subsidiary of Avanceon Ltd. The company plans to develop 29 independent intellectual properties under different categories from which the company will be providing two main offerings – Topware and Omni Connect.
The book building will be held on September 9 and 10. The price will be decided with institutions and high net worth individuals bidding via the Dutch auction method. The general public will be able to buy the company’s shares on September 16 and 17.
What is the Dutch auction method?
In the Dutch auction method, coming down from the highest price in the bidding process, and the price where the total number of shares are completely sold become the strike price.
For instance, if there are bids of 10 million shares at Rs40, for another 10 million shares, there are bids at Rs35 and bids for remaining 7.4 million shares is at Rs30, then the strike price will be Rs30. All of the top bidders will also receive the shares at Rs30. The stock will also be offered to the general public at this price as well.
Successful bidders will be provisionally allotted only 75% of the issue size, which is 27.4 million shares in this case, and the remaining shares will be offered to retail investors at the strike price later.

Read Full Story: https://www.samaa.tv/money/2021/09/pakistan-to-get-technology-stock-ipo-after-seven-years/

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